MARKET REPORT: Magazine publisher Future looks shaky as it puts its business-to-business business up for sale
Magazine publisher Future stood up after reports that his boss was investigating the sale of his business-to-business activities.
The FTSE 250 company, which is behind titles like Country Life, Marie Claire and Four Four Two, could prioritize consumer-facing brands according to Jon Steinberg’s plans.
That would entail the sale of B2B assets such as email newsletter publishing platform SmartBrief, Sky News reported.
Steinberg, who took over as CEO in April, has enlisted investment bankers to investigate the sale.
A sale marks a sharp change in strategy for the company, which had previously been an aggressive buyer of publications.
Stocks: Future, which is behind titles like Country Life, Marie Claire and Four Four Two, could prioritize consumer-facing brands under plans laid out by Jon Steinberg
Future declined to comment.
About a tenth of the group’s £405 million in revenue in the six months to the end of March came from B2B activities. Shares rose 3.6 percent, or 27p, to 777p.
The FTSE 100 rose 0.1 percent, or 8.68 points, to 7473.67 and the FTSE 250 rose 0.5 percent, or 95.93 points, to 18,564.52.
Airline stocks had a turbulent session on fears over the fallout from the air traffic control chaos.
Thousands of families and holidaymakers suffered after a ‘technical problem’ collapsed Britain’s National Air Traffic Services system.
The situation has left many stranded, while some face the prospect of waiting almost 14 days for a flight home.
Willie Walsh, head of the international airline group International Air Transport Association, said Monday’s failure is likely to cost airlines around £100 million.
British Airways owner IAG fell 1.2 percent, or 1.9 cents, to 161.2 cents, while Easyjet rose 0.2 percent, or 0.8 cents, to 418.1 cents, and Wizz Air fell by 0.3 percent, or 7 cents, to 2,241 cents.
It is the latest blow to the industry that took a blow during the pandemic, as Covid travel restrictions impacted demand for domestic and international flights.
Kingfisher fell 2.4 per cent, or 5.6p, to 231p after JP Morgan cut the target price on the shares of the owners of B&Q and Screwfix from 230p to 220p.
The broker gave a gloomy outlook ahead of the leading company’s half-year results next month, given the weakness in housing markets in Britain and France.
Engineer Smiths Group bought Heating and Cooling Products, a US-based company that makes and distributes parts that connect pipes, for around £65 million. Shares rose 1.1 percent, or 18p, to 1640p.
Harland & Wolff, the Belfast shipyard that built the Titanic, plans to apply for more funding to build two new ferries.
Shares fell 7.2 percent, or 1.15p, to 14.75p. Belluscura had its best day since going public two years ago, after the medical device developer entered into a licensing deal with its Chinese global manufacturing partner.
Innomax will make and sell a portable oxygen concentrator in China, Hong Kong, Macau and Singapore from October as part of a ten-year deal that includes up to £43 million in royalties.
The shares, which were trading at 45p in May 2021, rose 19.5 per cent, or 8p, to 49p yesterday.
But stationery, toy and book store The Works fell 13 percent, or 4.2 cents, to 28.05 cents, as rising inflation drove up the cost of doing business and eroded profits, which rose nearly two-thirds in the year. fell to £5 million. end of April. The group cut its dividend, while online sales plummeted.
Wandisco investors backed the software company that changed its name to Cirata — a combination of “cirrus cloud” and “data.”
The group said it hopes the rebranding will provide a “new and positive canvas.” Shares rose 0.7 percent, or 0.6p, to 83.8p.
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